china's experience is slated to be,ic, really quite disruptive. i think you would not want to be in china particular manically as an old person over the next thirty or forty years. but, you know, if you're in sweden and things go south it could be better. we could only have, you know, the collapse of the actual welfare stage and wouldn't get social security entitlement or something. we would not like to have it right now. but, you know, it turns out we may be lucky if that's all we get. >> host: you don't think as a country with resources and time, we couldn't manage this better? >> guest: the truth is. if we stayed where we are now, if we stayed at 1.96 or 1.93 where with are today. we can probably whether thing -- weather things okay. we have a large source of immigration that will weather us for ten or fifteen years. despite what the political culture looks. it's a reasonably okay place. we have the elections and the working system. what if we're not for fillty has been aspirational. the elite fertility rate for college educate and graduate-sch